Bank of America counsel told a New York federal judge Friday that they've reached a meeting of the minds with pension funds suing BofA and US Bank, which are the trustees of 19 Washington Mutual mortgage-backed securities portfolios that have allegedly experienced over $3.3 billion in recognized losses.
Herbalife Ltd. agreed to pay more than $15 million to members of its sales force who filed a class action accusing the company of being a pyramid scheme, according to a proposed settlement filed in California federal court Friday.
Convicted Galleon Group LLC founder Raj Rajaratnam on Friday kicked off a Second Circuit fight over his $92.8 million civil fine, telling the appeals court that U.S. District Judge Jed Rakoff improperly used the fine to try to impoverish him.
Two Samsung companies are gearing up for two big offerings this year, with the de facto group holding company, Cheil Industries, applying for a $1.4 billion IPO Friday, the same day information technology unit Samsung SDS Co. priced at nearly $1.1 billion, as the group chairman prepares to hand over the reins of his empire.
A Louisiana federal judge ruled Friday that Liberty International Underwriters Inc. must cover $50 million of a $250 million settlement reached between Cameron International Corp. and BP PLC over Cameron’s failed Deepwater Horizon blowout preventer, but that the insurer doesn’t have to also pay for defense costs.
A split Second Circuit on Friday rejected UBS Securities LLC's bid to revive a $350 million arbitration over Nasdaq OMX Group Inc.'s alleged breach of an agreement for mishandling Facebook Inc.'s initial public offering in May 2012.